Heat Create NBA-Record $55M In Cap Space

They are likely to use it up in a matter of hours on Tuesday, but the Miami Heat now have a ton of cap room after the big three exercised their early termination options.

Brian Windhorst of ESPN is reporting that the Heat created an NBA record $55 million in cap space after the early terminations.

Wade will opt out of two years and $41.8 million, Bosh will opt out of two years and $42.6 million and Haslem will not exercise his player option of $4.6 million. Agent Henry Thomas, who represents all three players, told ESPN he spoke with Heat president Pat Riley on Saturday to inform him of Wade and Haslem’s choices. Bosh has not officially informed the Heat of his decision but sources told ESPN The Magazine’s Chris Broussard that Bosh will follow suit by Monday’s midnight ET deadline.

Bosh will head into free agency willing to accept a pay cut from the $20 million he was owed next year, sources said. Haslem is looking for a multiyear deal that will assure him more guaranteed money than what he originally was owed next season but is also willing to take a pay cut, according to a source.

The early terminations make the Heat eligible to use the $2.5 million room exception in a separate deal to add a role player.